115: Should You Become A Real Estate Agent? With Kevin Cross
Should You Become A Real Estate Agent? With Kevin Cross
Obtaining your RE license isn’t that difficult in many states. Would this help you land deals for income property? Yes, and there are tons of other benefits…and drawbacks. Kevin Cross of Foundations Real Estate Experts is a savvy real estate investor, licensee, and former President of the Anchorage Association of Realtors. He tells us the advantages and disadvantages of getting your RE license. Want more wealth? Visit GetRichEducation.com and 1) Subscribe to our free newsletter, and 2) Find turnkey real estate investing opportunities. Listen to this week’s show and learn:
02:06 Keith likes BombBomb.com video-e-mail service and the Blinkist.com condensed reading app.
08:11 How can getting your RE license help you get into the deal flow?
12:20 Saving yourself the agent commission – and using that as a down payment.
15:06 The benefits you realize as an agent when you build a network of home inspectors, HVAC companies, roofers, etc.
18:27 When you sell property, act as your own agent. Referral fees.
24:59 Licensing requirements – educational hours, exam, licensing fees. Often $3,000 – $5,000 out-of-pocket to start.
26:55 Difficult to be a “part-time” agent.
28:48 You don’t get paid for 90 days.
31:16 Fiduciary responsibility and disclosure.
36:42 90% of sales are made by 10% of agents.
37:11 Do you split your commission with your broker? Must you have an office there?
41:06 After marketing fees and dues, agents earn about 1.5% per transaction.